New ARC Advisory Group research on the Asset Reliability market reveals the positive fallout of the COVID-19 pandemic that accelerated the adoption of analytics and digital technologies, such as the cloud, for asset management applications. The market outlook remains upbeat for the asset reliability software and services solutions market. Building upon growing adoption prior to 2020, the pandemic increased the use of analytics, particularly to support predictive maintenance and remote monitoring.
Information to help make informed decisions is the lifeblood of asset reliability, and as a result, analytics are quickly becoming an indispensable tool to ensure an asset’s reliability by applying sophisticated algorithms to asset data to identify trends or patterns that are invisible to the naked eye. A host of software analytics suppliers are appearing in the market with machine learning and reliability analytics solutions for asset performance management (APM).
"The asset reliability software and services solutions market continues to attract strong interest for several reasons, most notably because of a need for advanced APM capabilities. Key reasons include a desire to add advanced asset management features, such as remote monitoring, predictive maintenance, and predictive analytics," according to Inderpreet Shoker, Senior Analyst and key author of ARC's Asset Reliability Software & Services Market Research Report.
Asset Reliability Market Trends
In addition to providing detailed competitive market share data, the report also addresses key market trends as follows.:
- Strong Impact of Organizational Culture
- Stalled Progress
- Role of Data Extending
- Rising Application of Machine learning and Analytics
- Maintenance as a Strategic Enabler
- Knowledge Capture
- Global Economic Impact
- Adoption of Predictive Maintenance
- Adoption of Digital Twin Models
Leading Suppliers to the Asset Reliability Software & Services Market Identified
In addition to providing specific market data and industry trends, this ARC market research also identifies and positions the leading suppliers to this market and provides and summarizes their relevant offerings. An alphabetical list of key suppliers covered in this analysis includes: ABB, Bentley Systems, Emerson Automation Solutions, General Electric, SKF.
About the Asset Reliability Software & Services Research
The Asset Reliability Software & Services report explores the current and future market performance and related technology and business trends and identifies leading technology suppliers. This new research is based on ARC’s industry-leading market research database, extensive primary and secondary research, and proprietary economic modelling techniques. The research includes competitive analysis, plus five-year market forecasts segmented by World Region, Industry, Revenue Category, Service Type, Deployment Model, Methodology, and Sales Channel.
This new research is available in a variety of formats to meet the specific research and budgetary requirements of a wide variety of organizations. These include:
- Market Intelligence Workbook (Excel Power Pivot): A standard Workbook includes the base year market data and a five-year market forecast. This workbook enables licensed users to freely manipulate the data to make it easier to analyze the latest data for business intelligence and generate custom reports.
- Concise Market Analysis Report (PDF): This wide-screen presentation format provides executives, business unit managers, and other authorized users with immediate access to in-depth market analysis, including analysis associated with every market data chart and figure. Included is an executive-level summary of the current market dynamics, five-year market forecast, and competitive analysis, plus an overview of strategic issues. The PDF is available with a comprehensive set of charts with associated analysis.
For more information on this and other available ARC market research, please visit our Market Data & Studies section.